Marine ministry targets revenue growth with modern audit practices
By Seun Ibiyemi
The Federal Ministry of Marine and Blue Economy has highlighted the adoption of modern audit techniques as a crucial strategy to boost revenue generation, reduce wastage, and enhance efficiency in the sector.
This was the focus at a two-day workshop titled “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue” held in Abuja.
The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola CON, represented by the Ministry’s Permanent Secretary, Olorutola Olufemi, underscored the need for improved financial oversight to tackle issues such as revenue leakages, inefficient processes, and governance gaps.
“As auditors, your role extends beyond reviewing accounts; you are critical partners in driving organisational success,” Olufemi stated, urging participants to adopt best practices shared during the workshop.
He expressed optimism that the program would usher in a new era of financial discipline and better audit outcomes.
Speaking on behalf of the Auditor-General of the Federation, Uchechukwu Nwaede Ogwe, Director of the Audit Department, reaffirmed the government’s commitment to supporting the Ministry in promoting transparency and accountability.
He noted that while the sector offers significant revenue potential through fishing licenses, oil and gas royalties, customs duties, and marine tourism, existing inefficiencies must be addressed for optimal returns.
Director of Internal Audit at the Ministry, Jumbo Obenachi Renner, stressed that leveraging modern audit practices is essential for unlocking the marine sector’s economic potential. She explained that the workshop aimed to equip auditors with advanced skills, tools, and global best practices to enhance revenue collection and operational efficiency.
Participants at the workshop engaged with industry experts on strategies to improve audit performance and implement more effective revenue management frameworks.
The workshop is seen as a timely intervention to strengthen the governance framework, increase revenue collection, and position Nigeria’s marine and blue economy sector as a major contributor to national economic growth.
